VANCOUVER, British Columbia, July 23, 2026 (GLOBE NEWSWIRE) — NVRO Metals Limited (TSXV: NVRO | OTCQB: ESGLF | FSE: YGK) (“NVRO Metals” or the “Company”), a company focused on the recovery of precious and critical metals using its proprietary NVRO Process™, is pleased to announce, further to its news releases dated June 10, 2026 and June 18, 2026, the filing of a National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) Technical Report for the NVRO Metals Hub located in Australia’s Northern Territory (the “NVRO Metals Hub”).
As announced in the Company’s June 10, 2026 news release, the assets underlying the NVRO Metals Hub are held by Northern Territories Resources Pty Ltd. (“NTR”), an Australian exploration and mining company, which the Company is in process of acquiring pursuant to a creditor-approved deed of company arrangement in Australia. The Company’s transaction with NTR is expected to close in Q3 2026 (at which time the Company will acquire full ownership). Closing of the Company’s acquisition of NTR remains subject to a number of conditions, including any necessary corporate and regulatory approvals and other customary closing conditions.
The Technical Report establishes a maiden oxide Mineral Reserve estimate and demonstrates the economic viability of near-term copper cathode production, with cobalt and nickel intermediate products as by-products. A key feature of the Technical Report is the high level of geological confidence underpinning the oxide Mineral Resource estimate, with approximately 87% classified in the Measured Mineral Resource (~6%) and Indicated Mineral Resource (~81%) categories and approximately 13% classified in the Inferred Mineral Resource category. The oxide Mineral Reserve estimate has been established based on the mine plan and is supported by only a portion of the broader oxide Mineral Resource estimate outlined in the Technical Report.
The technical report titled “NVRO Metals Hub Australia Project NI 43-101 Technical Report” with an effective date of July 23, 2026 (the “Technical Report”) has been filed under the Company’s profile on SEDAR+ (www.sedarplus.ca) and is also available on the Company’s website (www.nvrometals.com).
Strategic Overview
NVRO Metals is building a scalable critical minerals business using its proprietary NVRO Process™. The Company’s strategy is to commercialize the technology through owned, centralized processing hubs, complemented by selective licensing opportunities at stand-alone plants as it scales across Tier-1 jurisdictions. The proposed acquisition of NTR’s mining assets in Australia’s Northern Territory (now the NVRO Metals Hub) is the first step in that strategy, and upon completion is expected to provide the Company with:
1. Industrial-scale infrastructure. A permitted, fully constructed hydrometallurgical plant, incorporating solvent extraction and electrowinning (SX-EW) and resin-in-pulp circuits together with established site infrastructure, that allows the Company to deploy the NVRO Process™ at full industrial scale, its natural next step. NTR is being acquired for C$27.6m with the price including:
- Existing plant with an inflation-adjusted installation cost of approximately C$350m. Based on the infrastructure required to execute the Company’s strategy, management estimates the acquisition avoids approximately C$150m of capital expenditure together with approximately four years of permitting and construction. It also opens the way to processing higher value imported and domestic third-party feedstock containing precious and critical metals on a merchant or tolling basis.
- All Mineral Tenements.
- Circa A$39m of tax losses.
2. Near-term copper, cobalt and nickel production. The acquisition also includes a near-term oxide development project supported by the results of the Technical Report. First oxide production is targeted for Q4 2027, with initial capital contributions of approximately C$18m. Based on the economic analysis contained in the Technical Report, the NVRO Metals Hub is expected to generate annual free cash flow of circa C$45m over the approximately 3 years of production mining the current oxide Mineral Reserve-backed mine plan. The current oxide Mineral Reserve estimate supports three years of production; however, the broader oxide Mineral Resource estimate outlined in the Technical Report identifies additional mineralization that may provide opportunities for future Mineral Reserve growth through the Mineral Reserve extension program described below.
3. Longer-term sulfide development. The Technical Report supports a total Mineral Resource estimate of 78.00Mt at 1.68% CuEq, of which approximately 94% sits in the Measured Mineral Resource (~52%) and Indicated Mineral Resource (~42%) categories and approximately 6% in the Inferred Mineral Resource category. Included within this Mineral Resource estimate is a sulfide Mineral Resource estimate of 61.67 Mt grading 1.86% CuS Eq, of which approximately 96% sits in the Measured Mineral Resource (~64%) and Indicated Mineral Resource (~32%) categories and approximately 4% in the Inferred Mineral Resource category, which may provide a source of future feedstock for the NVRO Process as the NVRO Metals Hub advances. The sulide Mineral Resource estimate represents a potential longer-term development opportunity; however, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability and there is no certainty that such Mineral Resources will be converted to Mineral Reserves.
4. Integrated metal production. Once deployed on site, the NVRO Process converts sulfide sulfur into sulfuric acid, which in turn leaches the oxide resource at no acid cost. As acid typically represents 30% to 50% of oxide operating costs, this integration materially improves margin resilience through the commodity cycle.
5. A replicable model for Tier-1 jurisdictions. The NVRO Metals Hub in Australia is the reference plant for a hub strategy the Company intends to replicate in the United States and Canada, supported by aligned critical minerals policy and funding mechanisms across all three jurisdictions, against which the Company has identified specific targets.
The Company’s approach is to execute one step at a time; while positioning each stage to enable the next.
Technical Report Highlights
- Installed Plant and historically proven plant. The installed plant includes Solvent Extraction (SX), Electro-winning (EW) and Ion-exchange (IX) infrastructure. The SX and EW circuits that were historically successful in producing copper cathode remain in place and in management’s assessment are largely operable today with ordinary course updating.
- High geological confidence Mineral Resource estimate base. Approximately 94% of the total Mineral Resource estimate is classified in the Measured Mineral Resource (~52%) and Indicated Mineral Resource (~42%) categories and approximately 6% in the Inferred Mineral Resource category, reflecting a high level of geological confidence.
- Mineral Reserve and Mineral Resource estimates supported by dense drilling. Confidence is underpinned by 112,777 meters of drilling across 1,967 holes, including mine grade-control drilling completed at spacings as close as 10m × 10m, a data density well beyond that of a typical development-stage project.
- Maiden oxide Mineral Reserve estimate. 2,320,000 tonnes at 0.74% Cu (plus 0.09% Co and 0.10% Ni) for 17,200 tonnes of contained copper (of which 75% is recoverable), classified as a Proven & Probable Mineral Reserve, with 930,000 tonnes in the Proven Mineral Reserve category and 1,390,000 tonnes in the Probable Mineral Reserve category.
- Robust near-term economics. The Financial Model is to a Pre Feasibility Study (“PFS”) Level. After-tax NPV8% of C$64m, IRR of 45%, and payback of 28 months from July 1, 2026 (breakeven cashflow is anticipated to be achieved during the 13th months of mining operations), generating circa C$43m of free cash flow per annum on an initial capital contribution of circa C$18m, supported by an existing, fully constructed hydrometallurgical plant already on site. The NPV accounts for the acquisition purchase price of C$27.6M. The NVRO Metals Hub is anticipated to generate revenues of C$138M over the initial Mineral Reserve life.
- Low-cost production. Average annual production is estimated at 4,280 tonnes of copper cathode, plus cobalt/nickel intermediate, at a C1 cash cost (net of by-product credits) of US$0.73/lb and an all-in sustaining cost of US$1.03/lb. on a copper equivalent basis.
- Financing-aligned by design. The Mineral Reserve-backed mine plan supports the payback of the proposed Transamine SA copper cathode offtake and financing package of up to US$25 million (non-binding; as announced in the Company’s news release dated June 15, 2026).
- Near-term catalyst. Initial production targeted for Q4 2027 via well proven heap leach and solvent extraction and electrowinning (SX-EW).
- Cash flows reflect only the current Mineral Reserve-backed mine plan of approximately 3 years. Any extension of mine life is dependent upon the successful conversion of Mineral Resources to Mineral Reserves.
- Growth runway defined. The broader oxide Mineral Resource estimate may provide opportunities for future Mineral Reserve growth. Mineral Reserve extension work is planned to evaluate opportunities for future Mineral Reserve conversion.
Mineral Tenements.
100% owned by Northern Territories Resources Pty Ltd which, upon closing of the Company’s proposed acquisition thereof, will be a 100% held subsidiary of NVRO Metals
A key characteristic of the NVRO Metals Hub is the level of geological confidence reflected in the Mineral Resource estimate. Approximately 87% of the oxide Mineral Resource estimate is classified in the Measured Mineral Resource (~6%) and Indicated Mineral Resource (~81%) categories, the two higher-confidence categories under CIM definitions, leaving only a small residual in the Inferred Mineral Resource category (~13%).
That confidence is the product of significant historical and recent drilling. The Mineral Resource estimate is informed by 112,777 meters of drilling across 1,967 holes and includes mine grade-control drilling completed at very close spacings of 10m × 10m across the Brown’s Oxide Open Pit. This drilling density provides a detailed understanding of local grade distribution and geological continuity that is uncommon in development-stage projects.
The extensive drilling database and high proportion of Measure Mineral Resources and Indicated Mineral Resources provides a strong basis for the Mineral Resource estimate, oxide Mineral Reserve estimate and mine plan outlined in the Technical Report.
A reserve deliberately designed for prompt payback
The maiden oxide Mineral Reserve estimate forms the basis of the mine plan evaluated in the Technical Report and supports the repayment profile contemplated under the proposed Transamine SA offtake and financing package.
The oxide Mineral Reserve estimate represents only a portion of the broader oxide Mineral Resource estimate and underpins the initial production schedule and associated cash flows outlined in the Technical Report. The balance of the oxide Mineral Resource estimate may provide opportunities for future reserve growth through the Mineral Reserve extension program described below.
The Company’s arrangements with Transamine SA are set out in a non-binding Heads of Agreement and remain subject to due diligence, the negotiation and execution of definitive agreements, and applicable conditions and approvals. Further details are provided in the Company’s news release dated June 15, 2026.
Economic outputs
The Technical Report returns the following headline results, on the Mineral Reserve basis. All figures are stated on a 100% project basis in Canadian dollars (C$) unless otherwise noted.
| Metric | Result | |
| Mine life (reserve-based) | circa 3 years | |
| Ore processed | 2.32M tonnes at 0.74% Cu | |
| Average annual copper cathode production | 4,280 tonnes | |
| Cobalt / nickel intermediate | 1,834 tonnes / 657 tonnes | |
| Copper recovery | 75% | |
| C1 cash cost (net of by-product credits) | US$0.3/lb Cu | |
| AISC (C1 + royalties + sustaining CAPEX) | US$1.03/lb Cu | |
| AIC1 (AISC plus CAPEX) | US$1.47/lb Cu | |
| AIC2 (AIC1 plus Acquisition Cost) | US$2.21/lb Cu | |
| Initial capital | circa C$18m | |
| Average annual free cash flow during production | circa C$45m | |
| After-tax NPV 8% | C$64m | |
| After-tax IRR | 45% | |
| After Tax Free Cash Flow | $138m | |
| Payback period | 28 months | |
These cash flows are generated from only circa 3 years of production supported by the current oxide Mineral Reserve estimate and should not be viewed as representing the full potential of the NVRO Metals Hub. The oxide Mineral Reserve estimate has been constrained to the existing mining lease area. Any extension of mine life or associated cash flows is dependent upon the successful conversion of Mineral Resources to Mineral Reserves through future Mineral Reserve extension work. A meaningful advantage of the NVRO Metals Hub is that this production is planned through an existing, fully constructed hydrometallurgical plant, which reduces the capital and time required to reach first production relative to a greenfield development.
Separately, the broader oxide Mineral Resource estimate outlines material that may provide opportunities for an extended mine life beyond the current Mineral Reserve-backed mine plan. Such production potential is not yet supported by the oxide Mineral Reserve estimate and is subject to future technical studies and the successful conversion of Mineral Resources to Mineral reserves.
Reserve extension program
Work will commence immediately to evaluate opportunities to expand the oxide Mineral Reserve estimate. The broader oxide Mineral Resource estimate outlines material that may provide opportunities for an extended mine life beyond the current Mineral Reserve-backed mine plan. The near-term objective is to evaluate portions of the Measured Mineral Resources and Indicated Mineral Resources for potential conversion to Mineral Reserves through ongoing Mineral Reserve extension work.
Given the density of existing drilling data, including the grade-control drilling referenced above, and the fact that approximately 94% of the total Mineral Resource estimate already sits in the Measured Mineral Resource (~52%) and Indicated Mineral Resource (~42%) categories, the deposit provides a strong basis for evaluating future Mineral Reserve growth opportunities. The Company will provide updates as this work progresses in due course.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability, and there is no certainty that they will be converted into Mineral Reserves.
Management commentary
Grant Freeman, CEO NVRO Metals said “This Technical Report confirms what our technical work has consistently indicated: the NVRO Metals Hub hosts a well understood, high-confidence oxide Mineral Resource estimate, supported by an extensive drilling database and a high proportion of Measured Mineral Resources and Indicated Mineral Resources. The maiden oxide Mineral Reserve estimate provides the basis for a near-term production plan utilizing existing infrastructure that is already on site. The current oxide Mineral Reserve estimate represents only a portion of the broader oxide Mineral Resource estimate, and the Company intends to undertake Mineral Reserve extension work to evaluate opportunities for future Mineral Reserve growth. The advantage of acquiring existing plant and infrastructure on a historically permitted and operating site cannot be understated for its time, cost and operational advantages. This underpins management’s assessment of the immense value in the proposed acquisition”
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by James Marshall, (BE (Mining), MBA, MAusIMM(CP), GAICD), an independent technical advisor of the Company.
Corporate Update
The Company also provides the following corporate update
Appointment of Corporate Secretary. NVRO Metals is pleased to announce the appointment of Karina Nott as Corporate Secretary. Ms. Nott will continue in her role as Chief Financial Officer, in which she has made a significant contribution to the Company’s financial management, reporting discipline, corporate systems and governance processes.
Ms. Nott’s appointment brings the Corporate Secretary function in-house, streamlining governance administration, improving day-to-day coordination between finance, management and the board of directors of the Company (the “Board”), and supporting more efficient execution of the Company’s corporate and regulatory obligations. Her financial expertise, attention to detail and close involvement in the Company’s operations make her well placed to assume this additional governance responsibility.
The Company also advises that Leah Dionne, the current Corporate Secretary, will step down from the role and transition into a significant ongoing support role with NVRO Metals. The Board and management sincerely thank Ms. Dionne for her years of dedication, professionalism and support. Ms. Dionne has made a valued contribution through multiple stages of the Company’s development, and NVRO Metals is pleased to continue benefiting from her experience, corporate knowledge and ongoing support in her new capacity.
“This appointment is a strategic step forward for NVRO Metals,” said David Cam, Executive Chair. “It strengthens Board alignment, brings key governance functions closer to management, and supports the Company’s ability to execute efficiently at an important stage of growth. We are continuing to build the leadership and corporate structure required to support NVRO’s growth ambitions and the significant opportunities ahead.”
Directors align with shareholders through equity. The Board has approved the grant of 1,837,054 restricted share units (“RSUs”) and 1,500,000 performance share units (“PSUs”) to certain directors and officers. The RSUs were granted to directors in satisfaction of accrued director and committee fees, with 70% of those fees satisfied in RSUs and the remaining 30% payable in cash. The Board considers the decision by directors to take the majority of their fees in equity a clear signal of their confidence in the Company’s strategy and the value ahead, while also preserving working capital to advance the NVRO Metals Hub. The RSUs vest equally over two years, with the first vesting date on July 1, 2027, and each RSU entitles the holder to one common share on vesting under the Company’s omnibus equity incentive plan. Each PSU entitles the holder to one common share, its cash equivalent, or a combination, on vesting, subject to the achievement of specified performance-based milestones set out in the applicable grant certificate, directly tying a portion of management incentives to delivery.
Advisory fees settled in equity. Further to its engagement with an arm’s length advisor (the “Advisor”), the Company has agreed to satisfy certain advisory fees through the issuance of common shares. The Company will issue 1,091,271 common shares at a deemed price of $0.14 per common share, representing approximately $152,778 in advisory fees, in full and final satisfaction of amounts owing. Settling these fees in equity further preserves the Company’s cash for operational priorities. The Advisor is a creditor of the Company and deals with the Company at arm’s length. The settlement and issuance of the common shares remains subject to the approval of the TSXV, and, once issued, the common shares will be subject to a statutory hold period of four months and one day from the date of issuance.
Continued investor relations support. The Company has extended its investor relations agreement (the “IC Agreement”) with Investor Cubed Inc. (“Investor Cubed”) to January 14, 2027 to provide investor communication and presentation, social media and investor relations and security communication services. The IC Agreement, unless terminated earlier in accordance with its terms, provides for cash compensation of $12,500 per month, consistent with previously announced terms. Investor Cubed is an arm’s length party to the Company located in Toronto, Ontario and, to the Company’s knowledge, holds 1,000,000 stock options granted on January 13, 2025 and 60,002 common share purchase warrants exercisable at $0.08 per share until January 10, 2027. The IC Agreement is subject to the approval of the TSXV.
Liquidity services engagement. The Company also announces that it has entered into an agreement dated May 29, 2026, with Red Cloud Securities Inc. (“Red Cloud”) to provide liquidity services in accordance with TSXV Policy 3.4 – Investor Relations, Promotional and Market Making Activities and applicable securities laws. The engagement commenced on June 1, 2026, and remains subject to the approval of the TSXV.
Under the agreement, Red Cloud will use its best efforts to maintain a reasonable and consistent bid and offer spread and a reasonable board lot size for the bid and offer of the Company’s common shares on the TSXV for the majority of daily trading hours and will supply liquidity as needed. Red Cloud will also provide the Company with monthly activity reports.
The agreement has an indefinite term and may be terminated by either party on not less than 30 days’ prior written notice. The Company will pay Red Cloud a cash fee of $7,500 per month. Red Cloud will not receive any securities, stock options or performance-based compensation from the Company in connection with the engagement. Red Cloud will use its own funds and securities, as applicable, in connection with the liquidity services, and the Company will not provide funds or securities to Red Cloud for trading purposes other than the monthly cash fee.
The Company and Red Cloud are arm’s length parties. To the Company’s knowledge, Red Cloud does not currently own any securities of the Company and has no current right or intention to acquire an interest in the Company or its securities, other than through trading activities conducted in accordance with the agreement and applicable law. Red Cloud has been retained for liquidity services only and has not been retained to provide investor relations, promotional or corporate profile services.
About Red Cloud Securities Inc. Red Cloud Securities Inc. is a Toronto-based registered investment dealer and member of the Canadian Investment Regulatory Organization (CIRO). Red Cloud provides investment banking, research, sales and trading, and market liquidity services, with a focus on the junior resource sector.
About NVRO Metals Limited
NVRO Metals Limited (TSXV: NVRO | OTCQB: ESGLF | FSE: YGK) recovers precious and critical metals from mine waste, tailings and complex sulfidic materials using its proprietary NVRO Process™. The Company is moving from providing process technology to owning and operating centralized processing hubs, beginning with the NVRO Metals Hub in Australia’s Northern Territory.
Additional information, including the Company’s investor presentation and corporate profile, is available at www.nvrometals.com.
Contacts
| NVRO Metals Ltd Grant Freeman, CEO +61 411 206 170 grant.freeman@nvrometals.com ir@nvrometals.com |
Investor Cubed Neil Simon, CEO +1 647 258 3310 nsimon@investor3.ca |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking information in this news release includes, but is not limited to, statements regarding: the Company’s acquisition of NTR, including, but not limited to, the Company’s acquisition of the assets underlying the NVRO Metals Hub and timing of closing for the acquisition; the results of the Technical Report, including, but not limited to, the maiden oxide Mineral Reserve estimate, the Mineral Resource estimate, projected cash flows, net present value, internal rate of return, payback period, production rates, recoveries, operating and capital costs, and mine life; the anticipated timing and outcome of the Mineral Reserve extension program, including the potential conversion of Mineral Resources into Mineral Reserves and any resulting extension of mine life, production profile or cash flows; the expected timing of initial production, including the expectation that production may commence by Q4 2027; the proposed offtake and financing package with Transamine SA, including the copper cathode offtake, the prepayment and working capital facilities, the optional cobalt and nickel prepayment and offtake arrangement, and the negotiation and execution of definitive agreements; the vesting and settlement of the RSUs and PSUs and the achievement of the performance-based milestones applicable to the PSUs; the proposed settlement of advisory fees through the issuance of common shares and receipt of TSXV approval therefor; the continuation of the Company’s investor relations arrangement with Investor Cubed, including receipt of TSXV approval therefor and the Company’s investor relations arrangement with Red Cloud, including receipt of TSXV approval therefor.
Forward-looking information is based on assumptions and expectations of management as of the date of this news release, including assumptions regarding metal prices, foreign exchange rates, permitting, financing, and operating and capital cost estimates, future mine life extensions and the conversion of Mineral Resources into Mineral Reserves. Such information is subject to known and unknown risks and uncertainties that may cause actual results to differ materially, including that the Mineral Reserve extension program may not result in additional Mineral Reserves, mine-life extensions or increased production; that definitive agreements with Transamine SA may not be executed or the proposed financing may not become available; that required regulatory or TSXV approvals may not be obtained; and general business, regulatory and market risks. Although the Company believes the assumptions reflected in the forward-looking information are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this news release. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risks” in the Company’s most recent Management Discussion and Analysis, which is available for review on SEDAR+ at www.sedarplus.ca. The Company undertakes no obligation to update forward-looking information except as required by applicable law.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability and there is no certainty that such Mineral Resources will be converted to Mineral Reserves, or that the extended mine life will be realized.
